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ChapterMcGraw-Hill/IrwinCopyright©2006byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1•IntroductionToCorporateFinance1-1KeyConceptsandSkills•Knowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanager財務管理決策基本問題•Knowthefinancialimplicationsofthedifferentformsofbusinessorganization不同企業組織•Knowthegoaloffinancialmanagement財務管理的目標•Understandtheconflictsofinterestthatcanarisebetweenownersandmanagers所有人和經理人可能產生的利益衝突•Understandthevarioustypesoffinancialmarkets各種型態的金融市場1-2ChapterOutline•CorporateFinanceandtheFinancialManager•FormsofBusinessOrganization•TheGoalofFinancialManagement•TheAgencyProblemandControloftheCorporation•FinancialMarketsandtheCorporation1-3CorporateFinance•Someimportantquestionsthatareansweredusingfinance•Whatlong-terminvestmentsshouldthefirmtakeon?•Wherewillwegetthelong-termfinancingtopayfortheinvestment?•Howwillwemanagetheeverydayfinancialactivitiesofthefirm?1-4FinancialManager•Financialmanagerstrytoanswersomeorallofthesequestions•ThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)首席財務長•Treasurer財務長–overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanning•Controller會計長–overseestaxes,costaccounting,financialaccountinganddataprocessing1-5FinancialManagementDecisions•Capitalbudgeting資本預算•Whatlong-terminvestmentsorprojectsshouldthebusinesstakeon?•Capitalstructure資本結構•Howshouldwepayforourassets?•Shouldweusedebtorequity?•Workingcapitalmanagement營運資金管理•Howdowemanagetheday-to-dayfinancesofthefirm?1-6FormsofBusinessOrganization•ThreemajorformsintheUnitedStates•Soleproprietorship獨資•Partnership合夥•General•Limited有限責任合夥•Corporation公司•S-Corp•Limitedliabilitycompany有限責任公司1-7SoleProprietorship•Advantages•Easiesttostart•Leastregulated法令規範最少•Singleownerkeepsalltheprofits•Taxedonceaspersonalincome所有營業所得納入個人綜合所得稅課稅•Disadvantages•Limitedtolifeofowner•Equitycapitallimitedtoowner’spersonalwealth•Unlimitedliability業主承擔公司債務的無限償還責任•Difficulttosellownershipinterest1-8Partnership•Advantages•Twoormoreowners•Morecapitalavailable•Relativelyeasytostart•Incometaxedonceaspersonalincome營業所得納入個人綜合所得稅課稅•Disadvantages•Unlimitedliability無限償還責任•Generalpartnership•Limitedpartnership•Partnershipdissolveswhenonepartnerdiesorwishestosell當有合夥人死亡或希望退出時即解散•Difficulttotransferownership1-9Corporation•Advantages•Limitedliability•Unlimitedlife•Separationofownershipandmanagement•Transferofownershipiseasy•Easiertoraisecapital•Disadvantages•Separationofownershipandmanagement•Doubletaxation(incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate)雙重課稅(公司就盈餘繳納公司所得稅，股東收到股利後再繳納個人所得稅)1-10GoalOfFinancialManagement•Whatshouldbethegoalofacorporation?•Maximizeprofit?•Arewetalkingaboutlong-runorshort-runprofits?accountingprofits?•Minimizecosts?•Wecanminimizecoststodaybynotpurchasingnewequipmentordelayingmaintenance•Maximizemarketshare?•havepositiveearnings?•Maximizethecurrentvalueofthecompany’sstock?•Thereisnoshortrunvs.longrunhere.Thestockpriceshouldincorporateexpectationsaboutthefuture•Doesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?1-11TheAgencyProblem•Agencyrelationship•Principalhiresanagenttorepresenthis/herinterest•Stockholders(principals)hiremanagers(agents)torunthecompany•Agencyproblem•Conflictofinterestbetweenprincipalandagent•Acommonexampleofanagencyrelationshipisarealestatebroker•Managementgoalsandagencycosts1-12TheAgencyProblem•Directagencycosts–thepurchaseofsomethingformanagementthatcan’tbejustifiedfromarisk-returnstandpoint,monitoringcosts.•Indirectagencycosts–management’stendencytoforgoriskyorexpensiveprojectsthatcouldbejustifiedfromarisk-returnstandpoint.1-13ManagingManagers•Managerialcompensation•Incentivescanbeusedtoalignmanagementandstockholderinterests•Theincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirgoal•Corporatecontrol•Thethreatofatakeovermayresultinbettermanagement•Otherstakeholders利害關係人1-14WorktheWebExample•TheInternetprovidesawealthofinformationaboutindividualcompanies•Oneexcellentsiteisfinance.yahoo.com•Clickonthewebsurfertogotothesite,chooseacompanyandseewhatinformationyoucanfind!1-15FinancialMarkets•Cashflowstothefirm•Primaryvs.secondarymarkets•Dealer自營商市場vs.auctionmarkets拍賣市場•Listed上市掛牌vs.over-the-countersecurities店頭市場•NYSE•NASDAQ1-16QuickQuiz•Whatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoanswer?•Whatarethethreemajorformsofbusinessorganization?•Whatisthegoaloffinancialmanagement?•Whatareagencyproblemsandwhydotheyexistwithinacorporation?•Whatisthedifferencebetweenaprimarymarketandasecondarymarket?ChapterMcGraw-Hill/IrwinCopyright©2006byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1•EndofChapter